Correlation Between Quectel Wireless and Harbin Air
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By analyzing existing cross correlation between Quectel Wireless Solutions and Harbin Air Conditioning, you can compare the effects of market volatilities on Quectel Wireless and Harbin Air and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Quectel Wireless with a short position of Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Harbin Air.
Diversification Opportunities for Quectel Wireless and Harbin Air
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Quectel and Harbin is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning and Quectel Wireless is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Quectel Wireless Solutions are associated (or correlated) with Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and Harbin Air go up and down completely randomly.
Pair Corralation between Quectel Wireless and Harbin Air
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 0.86 times more return on investment than Harbin Air. However, Quectel Wireless Solutions is 1.17 times less risky than Harbin Air. It trades about 0.38 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.08 per unit of risk. If you would invest 6,650 in Quectel Wireless Solutions on November 5, 2024 and sell it today you would earn a total of 2,316 from holding Quectel Wireless Solutions or generate 34.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quectel Wireless Solutions vs. Harbin Air Conditioning
Performance |
| Timeline |
| Quectel Wireless Sol |
| Harbin Air Conditioning |
Quectel Wireless and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Harbin Air
The main advantage of trading using opposite Quectel Wireless and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, Harbin Air can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Harbin Air will offset losses from the drop in Harbin Air's long position.| Quectel Wireless vs. Industrial and Commercial | Quectel Wireless vs. Kweichow Moutai Co | Quectel Wireless vs. Agricultural Bank of | Quectel Wireless vs. China Mobile Limited |
| Harbin Air vs. Wintao Communications Co | Harbin Air vs. Nanjing Putian Telecommunications | Harbin Air vs. Jilin Jlu Communication | Harbin Air vs. Sinomach Automobile Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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